Kimco Realty Corp. Q1 FY2024 results: revenue $504 million, up 13.7% on the year

Kimco Realty Corp. (KIM) reported revenue of $504 million for Q1 FY2024, the quarter ended 31 March 2024, up 13.7% on the same quarter a year earlier. Net income was -$11 million. The figures are the company's own, from the 10-Q it filed with the SEC on 3 May 2024.

Revenue$504 millionup 13.7%

Net income-$11 million

Diluted EPSn/a

QuarterQ1 FY2024ended 31 March 2024

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Revenue	504	452	n/a	n/a
Operating income	131	169	n/a	n/a
Operating margin	25.9%	37.3%	n/a
Interest expense	74.6	67.8	n/a	n/a
Pre-tax income	40.5	125	n/a	n/a
Income tax	72.0	-0.2	n/a	n/a
Effective tax rate	177.7%	-0.1%	n/a
Net income	-11.0	140	n/a	n/a
Net margin	-2.2%	30.9%	n/a

$ million except per share. Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Operating cash flow	176	190	n/a	n/a
Depreciation and amortisation	155	124	n/a	n/a
Share-based compensation	10.0	7.7	n/a	n/a
Dividends paid	168	211	n/a	n/a
Dividend per share	$0.24	n/a	n/a	n/a
Diluted shares, weighted	670m	618m	n/a	n/a
Shares outstanding at period end	674m	620m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Total assets	19,466	18,274	n/a	n/a
Cash and equivalents	133	781	n/a	n/a
Long-term debt	n/a	7,263	n/a	n/a
Borrowings, as the company tags them	7,243	7,263	n/a	n/a
Shareholders' equity	10,620	9,525	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	446	452	504	500	508	525	537	525	536	542	558	551
Operating income	141	169	131	161	171	166	180	206	187	197	208	196
Operating margin	32%	37%	26%	32%	34%	32%	34%	39%	35%	36%	37%	36%
Interest expense	60.4	67.8	74.6	73.3	76.2	83.7	80.4	81.2	84.3	84.4	83.1	83.9
Pre-tax income	102	125	40.5	93.0	117	100	112	140	113	129	136	122
Tax rate	-1%	-0%	178%	0%	0%	-47%	0%	0%	-1%	1%	-0%	0%
Net income	118	140	-11.0	120	136	166	133	163	138	151	165	153
Net margin	27%	31%	-2%	24%	27%	32%	25%	31%	26%	28%	30%	28%
Operating cash flow	281	190	176	294	296	240	224	305	332	258	243	345
Capital expenditure	n/a	n/a	n/a	n/a	n/a	n/a	18.4	0.0	0.0	0.0	n/a	n/a
Free cash flow	n/a	n/a	n/a	n/a	n/a	n/a	205	305	332	258	n/a	n/a
Buybacks	n/a	n/a	n/a	n/a	0.0	n/a	0.0	58.8	0.0	61.5	0.5	105
Dividends paid	149	211	168	170	170	175	n/a	n/a	n/a	n/a	n/a	n/a
Shares outstanding	620m	620m	674m	674m	674m	679m	679m	677m	677m	674m	674m	670m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 31 March 2024, filed 3 May 2024, accession 0001437749-24-014590: the filing on EDGAR. All of Kimco Realty Corp.'s filings: EDGAR company page.

The same record on your computer

GreekSoup is also a free program for your own computer. It reads these same filings for the names you follow, refreshed as they land, with no account. One pasted line installs it.

Install